Yesterday’s signals were not triggered, as the bearish price action took place above the resistance level identified at $4779.06.
Today’s BTC/USD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
Long Trades
Go long after a bullish price action reversal on the H1 time frame following the next touch of $4626.13 or $4410.92.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is $50 in profit by price.
Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.
Short Trade 1
Go short after a strongly bearish price action reversal on the H1 time frame following the next touch of $5000.00.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is $50 in profit by price.
Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
BTC/USD Analysis
The picture looks even more bullish today, with a strong rise in the price, an invalidation of former resistance around $4800.00, and the printing of a new higher support level at $4626.13. We are now close to both the upper channel trend line and the all-time high price, both of which are just under $5000.00. My recent bullish bias has proved to be correct and there is no reason not to stay bullish. Technically, the price remains with a clear medium-term bullish channel. I keep a firm bullish bias for now, but note that we could see a bearish reaction if the price makes a new all-time high and hits the psychologically important $5000.00 level. I would still be must more comfortable entering a new long trade than a short trade.
There is nothing significant due today concerning the USD.